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August 22, 2002 at 08:00 PM
NU Online News Service, Aug. 22, 10:15 a.m. – Penn Treaty American Corp., Allentown, Pa., says Texas regulators have given it permission to resume selling long-term care insurance in Texas.
The company will sell its policies through its largest subsidiary, Penn Treaty Network America Insurance Company.
Texas has historically been one of the company’s top five states for production, accounting for 5% of sales volume, Penn Treaty says.
Penn Treaty, which helped develop the modern U.S. long-term care insurance market, stopped selling long-term care insurance in Texas and most other states in 2001 after regulators complained about the company’s low capital levels. The company recently overcame state regulators’ concerns by setting up a contract to reinsure LTC insurance policies that were already in force.
The company has now received approval to resume selling LTC insurance in 29 states, which have yielded about 60% of its historical sales volume.
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